Alpine Air Chile Commencing Flights; New Subsidiary of Alpine Air Express, Alpine Air Chile Is Scheduled to Start Flying This Week.

Business Editors

PROVO, Utah & SANTIAGO, Chile--(BUSINESS WIRE)--Dec. 9, 2002

Alpine Air Chile, the sole regional all-cargo airline with flights throughout Chile, and a subsidiary of Alpine Air Express Inc. (OTCBB:ALPE), today announced that its South American operation is expected to commence revenue flights this week.

The newly created subsidiary, utilizing high capacity Beech 1900/C cargo aircraft, worked with the Direccion General De Aeronautica Civil (DGAC), Chile's civil aircraft authority, to enable regulatory approval for the aircraft and for all flight operations. The regularly scheduled seven-day air cargo service, with established routes from its base in Santiago, marks the start of new international operations for parent Alpine Air Express subsidiary.

The two routes include northern stops to Antofagasta and Iquique and southern stops to Concepcion, Puerto Montt and Punta Arenas. Alpine is in discussions to serve a variety of customers including freight forwarders, small couriers and other major shippers and expects these new routes to add significantly to fiscal 2003 net income.

Alpine is also actively seeking to acquire additional routes and customers in Chile and plans to add an additional Beech 1900 aircraft in January as part of its strategy for further expansion in South America.

Eugene Mallette, CEO of Alpine Air Express, commented: "We are extremely excited to commence operation from our new base in Santiago, Chile with its well-managed and fast-growing economy. Additionally, the country, pursuing a U.S. & Chile Free Trade Agreement, Dec. 6 completed its 14th Round of Negotiations in Washington, D.C.

"This agreement, in part, hopes to eliminate tariff barriers to commercial exchange, opening up significant new markets and stimulating enormous potential for cargo service. We believe there is a significant opportunity for reliable, consistent and timely air cargo delivery in Chile. Our president, Mr. Bill Distefano, is currently in Chile working with the Alpine Air Chile executives to aggressively pursue growth in this business segment."

This news release may contain forward-looking statements including the company's beliefs about its business prospects and future results of operations. These statements involve risks and uncertainties. Among the important additional factors that could cause actual results to differ materially from those forward-looking statements are risks associated with the overall economic environment, changes in anticipated earnings of the company and other factors detailed in the company's filings with the SEC, including its most recent Form 10-Q and Form 10K. In addition, the factors underlying company forecasts are dynamic and subject to change and therefore those forecasts speak only as of the date they are given. The company does not undertake to update them; however, it may choose from time to time to update them and if it should do so, it will disseminate the updates to the investing public.